SGX Nifty up; Q2 results, stocks under F&O ban, Policybazaar IPO, other global cues to guide markets

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November 03, 2021 8:11 AM

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday

Given Diwali on Thursday, this week is a truncated one with all eyes awaiting the outcome of US Fed MPC

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday. Nifty futures were trading 51.50 points or 0.3 per cent higher at 17,972.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex ended 109 points lower at 60,029 while NSE Nifty 50 dropped 40 points to end at 17,888. Given Diwali on Thursday, this week is a truncated one with all eyes awaiting the outcome of US Fed MPC which could provide direction to the future course of the market. “On the domestic front, earnings season so far has been mixed while macro data points have been robust – giving investor confidence with regards to economic recovery. We estimate Nifty EPS to grow at 35%/20% to INR730/INR874 for FY22E/FY23E, respectively,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

Global watch: Asian stock markets were trading mixed on Wednesday morning. The S&P/ASX 200 in Australia jumped 1.2%. In South Korea, the Kospi declined 0.72%. Markets in Japan are closed on Wednesday for a holiday. In overnight trade on Wall Street, US indices rose to record highs. The Dow Jones Industrial Average rose 138.79 points, or 0.39 percent, to 36,052.63, the S&P 500 gained 16.98 points, or 0.37 percent, to 4,630.65 and the Nasdaq Composite added 53.69 points, or 0.34 percent, to 15,649.60.

Last day to subscribe to Policybazaar IPO: The Rs 5,650-crore initial public offer (IPO) of PB Fintech, the parent company of Policybazaar and Paisabazaar, sailed through on Day 2 of the bidding process on Tuesday.

Q2 results: BSE-listed companies such as State Bank of India (SBI), Eicher Motors, Aditya Birla Fashion and Retail, Bata India, DCM Shriram Industries, GPT Infraprojects, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Likhitha Infrastructure, Pfizer, RattanIndia Power, Sharon Bio-Medicine, and Uflex will release September quarter earnings.

FII, DII data: On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 244.87 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 6 crore on a net basis in the Indian equity market.

Stocks under F&O ban: Punjab National Bank (PNB) and Escorts stocks were under the F&O ban for 3 November 2021. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

Nifty technical view: Analysts say that the underlying trend of Nifty remains positive and the immediate resistance of 18050 is expected to be taken out on the upside soon. “A sustainable upmove above the immediate hurdle could pull Nifty towards the next resistance of 18300 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

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